Dudley: FOMC to give wide berth to stocks as it hikes

The third mandate: It looks like it's up to buyers and sellers of financial assets when it comes to how quickly the Fed moves when it begins its rate hike cycle. FRBNY chief Bill Dudley says the FOMC will keep a close eye on markets as rates move up. If the response is relatively mild - like the way the bond market has treated the taper - than the Fed may move quicker. If markets tank, than slower.